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    • Dismissing the Experts

      Regular readers know I often criticize so-called “experts,” usually economists or central bankers whose flawed decisions are punishing the rest of us. I find their expertise is not nearly as reliable as they seem to think. At the same time...
    • Weapons of Economic Misdirection

      This week’s letter will deal with the problems of determining what GDP really is, and I’ll throw in a few quick remarks on what the recent GDP revision means for the Fed and whether they’ll raise rates.

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    • Time to Put a New Economic Tool in the Box

      Last week we took a deep dive into how the concept of GDP (gross domestic product) came about. We looked at some of the controversies surrounding GDP statistics that we use to measure the growth of the economy, and we noted that the GDP tool seems designed to reflect and serve an economic theory (Keynesianism) that prefers to focus on the demand side of economic activity. If your measurement of the growth of the economy is entirely defined by final consumption (that is, consumer spending) and government spending, then if you want to try to improve growth you are left with just two policy dials to adjust..

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    • Daddy’s Home

      I have often said that when someone is appointed to be a member of the Federal Reserve, they are taken into a back room and given a complete DNA change. They simply are not like you and me once they step out of that room, with the exception of Fisher and Lacker and a few colleagues who seem to be able to resist the infection. This week we will look at the recent action of the Fed and use that as a springboard to think about how effective Fed policy can be in an age of deleveraging. And if there is time, we simply must look at Europe. I started this letter in Texas and will finish it this morning in Spain.

    • The Recession of 2011?

      The Recession of 2011?
      The Streettalk/Mauldin Economic Output Index
      Is There a Recession in Our Future?
      The Bright Side of Europe’s Dysfunctionality
      The “Treasonous” Fed
      Some Final Thoughts
      Some Hope and Needed Help, Plus Travels

    • All for One Euro and One Euro for All?

      In This Issue:

      Economic versus Political Theory
      Trichet Says “Non!” Again
      What Will the EU Do?
      All for One Euro and One Euro for All?
      We’re Off to Europe